The British pound has staged a minor technical recovery against the US dollar
after the pair quickly fell towards the 1.2623 level over reports that British PM Theresa May could soon quit. Further medium-term weakness is still expected while the GBPUSD
pair trades below the 1.2660 level, with the 1.2550 level is still the overall bearish
target. Bulls will need to move price above the 1.2756 resistance level
to shift the extreme negative sentiment surrounding the pair.
pair is heavily bearish
while trading below the 1.2660 level, key support is located at the 1.2623 and 1.2550 levels.
If the GBPUSD
pair trades above the 1.2660 level, key intraday resistance is found at the 1.2710 and 1.2756 levels.